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If a business borrows $20,000 and repays $30,800 in 4 years, what is the simple interest rate?

  • Math -

    I = PRT
    10,800 = 20,000 * R * 4
    10,800 = 80,000 * R
    0.135 = R
    13.5% = R

  • strayer's -

    if a bussiness borrows $20,000 and repays $29,500 in 5 years , what is the simple interest rate?

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